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Law of Income Tax
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Law of Income Tax

by V.K. Sushakumari
Edition: 3rd Edition, 1982.
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Product Details:

Format: Paperback
Pages: 349 pages
Publisher: Eastern Book Company
Language: English
Dimensions: 24.2 CM X 2.02 CM X 16 CM
Publisher Code: B/144
Date Added: 2001-01-01
Search Category: Lawbooks
Jurisdiction: Indian

Overview:

The author has, in this book, presented the basic principles of the law of income tax in an easily understandable style—her exposition logical and her analysis orderly. A beginner to the subject will find it very easy to grasp and master this difficult subject. Copious headings and sub-headings have been given. Simple terminology has been used and examples have been given, wherever necessary. Some test problems have also been given in the book along with their solutions.

Since, the work is primarily meant for students, the subject has been dealt topic-wise, a method which is conducive to the better understanding of a bulky legislation like the Income Tax Act and the Rules framed thereunder. Care has been taken to make the book useful for students of Law, B.Com., Chartered Accountancy, I.C.W.A. and Company Secretaryship.

Reviews
  • Chartered Secretary, Institute of Company Secretaries of India, New Delhi: The author has done a commendable job in compressing the relevant principles and statutory provisions in less than 300 pages (current edition has 349 pages). The presentation of the subject is simple, clear and precise. This is a good text book for beginners.

  • Andhra Law Times: The book is highly impressive by virtue of its precision in the statement of principles and their application and lucidity of expression and neat presentation. The book bears the stamp of thorough study, rich experience and hard work. The author introduces the subject in an interesting manner, and deals with the principles and the basic concepts of Taxation with remarkable facility and traverses the field of their application with equal ease. Case-law is noted at appropriate places. Table of cases and answers to problems enhance the utility of the book for the law students.

  • Academy Law Review: It presents in a clear and readable manner the important topics of income-tax law. The book is primarily intended for students, to explain and elucidate to them the principles of income-tax law and their application. While striving to give the essentials of the principles, the author has been anxious not to swell the size of the book. The author and publishers deserve much credit in bringing out this piece of work for the student community.

  • Gujarat Law Reporter: The book is surely to be of great use to the students in understanding this complicated piece of legislation.

  • Kerala Law Times: The book is excellent; it seeks to give the reader, a clear and non-technical account of the salient provisions in the Act.
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Table Of Contents:

CHAPTER I : INTRODUCTION
                   General 1
                   Principles of Taxation 2
                   Methods of Taxation 3
                   Classification of Taxation 5
                   Incidence of Taxation 6
                   Constitutional Provisions 6
                   Fundamental Rights and Taxing Power 7
                   Tax and Fee 8
                   Finance Act and Taxation Laws (Amendment) Act 12
                   Income Tax 13
                   Income Tax Act, 1961 14

CHAPTER II : BASIC CONCEPTS AND DEFINITIONS
                   General 16
                   Income 16
                       Some general principles 19
                   Agricultural Income 20
                       Rent or revenue derived from land used for agricultural purposes 21
                       Income from products 24
                       Income from building 24
                   Some other Definitions 26
                   Previous Year (Section 3) 28
                       Previous Years of Partners in a Firm 31
                       Different Previous Years [Section 3(3)] 32
                       Change of Previous Year [Section 3(4)] 33
                   Capital and Revenue 34
                       Immaterial Considerations 37
                       Illustrative cases of Revenue Receipts 37
                       Illustrative cases of capital receipts 37
                       Capital and Revenue Expenditure 38

CHAPTER III : RESIDENCE
                   General 41
                   Individuals 42
                   Hindu Undivided Family or Other Association of Persons 45
                   Company 46
                   Every Other Person [Section 6(4)] 47
                   Same Residential Status for all Sources of Income 48

CHAPTER IV : TAX LIABILITY
                   Basis of Charge 50
                   Scope of Total Income 52
                       Assessment of residents, i.e. who are ordinarily resident
                       [Section 5(1)] 53
                       Assessment of residents who are not ordinarily resident 53
                       Assessment of non-residents 53
                       Received or deemed to be received 54
                       Accrue or arise or is deemed to accrue or arise 55
                       Accrue or arise outside India 57
                   Incomes which do not form part of Total Income 58
                   Incomes which are Exempt under Section 10 59

CHAPTER V : INCOME OF CHARITABLE OR RELIGIOUS TRUSTS
                   General 77
                   Essential Conditions 77
                       Income from property held under trust or other obligation 78
                       Charitable or religious purpose 79
                   Assessment of Trust or Institution Established for Charitable or
                   Religious Purposes 83
                       Application of capital gains 85
                       Accumulation 86
                   Voluntary Contributions 87
                   Income not Exempted 87
                       Income deemed to have been used for the benefit of Author, etc. 89
                       Income of political parties (Section 13A) 91

CHAPTER VI : HEADS OF INCOME-I
                   General 92
                   Salary 93
                       Fees, Commissions, Perquisites or Profits 95
                       Profits in lieu of Salary 102
                       Exemptions 103
                       House Rent Allowance 103
                       Deductions from salary 104
                   Interest on Securities 106
                       Deductions 109
                   Income from House Property 110
                       Let out residential building 113
                       Self-Occupied Property 115
                       Annual value when the self-occupied house remains vacant 116
                       Permissible deductions 117
                       Amounts not deductible 119
                       Loss under this head 120

CHAPTER VII : HEADS OF INCOME-II
                   Profits and Gains of Business or Profession 121
                       Profits and Gains 123
                       Compensation 123
                       Computation of Income from Profits and Gains of Business
                       or Profession 124
                       Deductions 124
                       Expressly allowed deductions 126
                           Expenses for premises 126
                           Expenses for machinery, etc. 127
                           Depreciation 127
                           Development Rebate (Section 33) 138
                           Investment allowance (Section 32A) 143
                           Development allowance (Section 33A) 146
                           Rehabilitation allowance (Section 33B) 148
                           Expenditure on Scientific Research (Section 35) 149
                           Expenditure on acquisition of patent rights or copy-rights
                           (Section 35A) 150
                           Export market development allowance (Section 35B) 151
                           Agricultural development allowance (Section 35C) 153
                           Rural development allowance (Section 35CC) 153
                           Payments to associations and institutions for carrying out
                           Rural Development Programmes (Section 35CCA) 154
                           Amortisation of certain preliminary expenses (Section 35D) 154
                           Expenditure on prospecting, etc. of specified minerals
                           (Section 35E) 155
                           Other deductions (Section 36) 156
                           General deductions (Section 37) 159
                       Some illustrations of expenditure allowed under Section 37 160
                       Expenses disallowed 160
                       Expenses expressly disallowed (Section 40) 162
                       Expenses not deductible under certain circumstances
                       (Section 40A) 163
                       Profits chargeable to tax (Section 41) 164

CHAPTER VIII : HEADS OF INCOME-III
                   Capital Gains 166
                       Capital Asset 166
                       No transfers 168
                       Mode of computation (Section 48) 169
                       Determination of Cost of Acquisition 169
                       Cost of Acquisition [Section 55(2)] 171
                       Definition of 'Cost of Improvement' (Section 55(1)(b)] 172
                       Consideration in cases of understatement 173
                       Capital gains which are exempt from tax 173
                       Reference to Valuation Officer 178
                   Income from Other Sources 178
                       Deductions 179
                       Amounts not deductible 179
                       Profits chargeable to tax 180

CHAPTER IX : COMPUTATION OF TOTAL INCOME
                   General 181
                   Aggregation of Income 181
                   Incomes forming part of total income on which tax is not payable 184
                       Relief when salary, etc. is paid in arrears or in advance 185
                   Income of other persons included in the assessee's total income 185
                       Transfer of income without transfer of assets (Section 60) 185
                       Revocable transfer of assets (Sections 61 to 63) 186
                       Income of individual to include income of spouse, minor child, etc. 187
                       Recovery of tax (Section 65) 192
                   Set off or carry forward and set off of losses 192
                       Set off of losses 192
                       Carry forward and set off 194
                           Business losses (Section 72) 194
                           Losses in speculation business (Section 73) 196
                           Losses under the head 'Capital Gains' (Section 74) 196
                           Losses from certain specified sources (Section 74A) 197
                           Losses of registered firm (Sections 75 and 76) 197
                           Losses of unregistered firm or their partners (Section 77) 198
                           Losses in the case of change in constitution of firm or on succession
                           (Section 78) 198
                           Carry forward and set off in the case of certain Companies
                           (Section 79) 198
                       Deductions to be made in computing total income 199
                           Deductions in respect of life insurance premia, contribution
                           to P.F., etc., (Section 80C) 199
                           Deduction in respect of investment in certain new shares
                           (Section 80CC) 201
                           Deduction in respect of medical treatment (Section 80D) 201
                           Deduction in respect of payment for securing retirement
                           annuities (Section 80E) 201
                           Deduction in respect of educational expenses in certain cases
                           (Section 80F) 202
                           Deduction in respect of expenses on higher education
                           (Section 80FF) 202
                           Deduction in respect of donations to certain funds and charitable
                           institutions (Section 80G) 202
                           Deduction in respect of rents paid (Section 80GG) 203
                           Deduction in respect of certain donations for scientific or rural
                           development (Section 80GGA) 203
                           Deduction in respect of profits and gains from newly established
                           industrial undertakings or hotel business (Section 80HH) 204
                           Deduction in respect of profits and gains from newly established
                           small-scale industrial undertaking in certain areas
                           (Section 80HHA) 204
                           Deduction in respect of profits and gains from industrial
                           undertakings after a certain date (Section 80I) 205
                           Deduction in respect of profits and gains from newly established
                           industrial undertakings, ships or hotel business in certain cases
                           (Section 80J) 206
                           Deduction in respect of profits of livestock breeding or poultry or
                           dairy farming (Section 80JJ) 206
                           Deductions in respect of profits and gains from business of growing
                           mushrooms (Section 80JJA) 206
                           Deductions in respect of certain dividends (Section 80K) 207
                           Deductions in respect of certain securities, etc. (Section 80L) 207
                           Deduction in respect of certain intercorporate dividend
                           (Section 80M) 208
                           Deduction in the case of an Indian company in respect of royalties,
                           etc. (Section 80MM) 208
                           Deduction in respect of dividends received from certain foreign
                           companies (Section 80N) 208
                           Deduction in respect of royalties, etc. from certain foreign
                           enterprises (Section 80O) 208
                           Deduction in respect of income of co-operative societies
                           (Section 80P) 209
                           Deduction in respect of profits and gains from the business
                           of publication of books (Section 80QQ) 209
                           Deduction in respect of professional income of authors of textbooks
                           in Indian language (Section 80QQA) 210
                           Deduction in respect of remuneration from certain foreign sources in
                           the case of professors, teachers, etc. (Section 80R) 210
                           Deduction in respect of professional income from foreign sources in
                           certain cases (Section 80RR) 210
                           Deduction in respect of remuneration received for services rendered
                           outside India (Section 80RRA) 210
                           Deduction in respect of compensation for termination of managing
                           agency (Section 80S) 211
                           Deduction in respect of long term capital gains (Section 80T) 211
                           Deduction in respect of winnings from lotteries (Section 80TT) 211
                           Deductions in the case of totally blind or physically handicapped
                           resident persons (Section 80U) 212
                           Deduction of interest on moneys borrowed to pay taxes
                           (Section 80V) 212
                           Deduction in respect of expenses in connection with certain
                           proceedings under the Act (Section 80VV) 212

CHAPTER X : LIABILITY IN SPECIAL CASES AND ASSESSMENT OF FIRMS
                   Liability in Special Cases 213
                       Legal representative (Section 159) 213
                       Representative assessee 213
                       Agent of non-resident person 215
                       Executors (Section 168) 219
                       Succession to business or profession otherwise than on death
                       (Section 170) 219
                       Assessment of HUF (Section 171) 220
                       Assessment of non-residents on income from shipping business
                       (Section 172) 222
                       Persons leaving India (Section 174) 223
                       Persons trying to alienate assets (Section 175) 223
                       Discontinuance of business or dissolution (Section 176) 223
                       Association dissolved or business discontinued (Section 177) 224
                   Assessment of firms 225
                       Registration of firms 226
                       Application for registration (Section 184) 226
                       Procedure (Section 185) 227
                       Cancellation of Registration (Section 186) 228
                       Assessment of registered firm (Section 182) 229
                       Assessment of unregistered firm (Section 183) 229
                       Change in constitution of firm (Section 187) 230
                       Succession of one firm by another firm (Section 188) 230
                       Firm dissolved or business discontinued (Section 189) 231

CHAPTER XI : INCOME TAX AUTHORITIES AND ASSESSMENT
                   Income Tax Authorities 232
                       Powers 234
                   Assessment Procedure 240
                       Filing of return (Section 139) 240
                       Permanent Account Number (Section 139A) 243
                       Assessment 244
                       Time limit of completing assessment or reassessment 253
                       Rectification of mistake (Section 154) 254
                       Other amendments (Section 155) 254
                       Notice of demand (Section 156) 257

CHAPTER XII : SETTLEMENT, APPEAL, REFERENCE AND REVISION
                   Settlement of Cases 258
                       Income Tax Settlement Commission 258
                   Appeals 262
                   Appeal to Appellate Tribunal 266
                   Reference to High Court 267
                       Appeal to Supreme Court 268
                   Revision by the Commissioner 268
                       Orders prejudicial to Revenue 268
                       Other orders 269

CHAPTER XIII : MISCELLANEOUS PROVISIONS
                   Collection of Tax 270
                       Deduction of tax at source 270
                       Advance payment of tax 272
                   Recovery of Tax 274
                       Period for commencing recovery proceedings 275
                   Refunds 276
                   Penalties Imposable 276
                   Offences and Prosecutions 278
                   Acquisition of Immovable Property in Certain Cases 278
                   Tax Credit Certificate 280
                   Double Taxation Relief 280
                   Special Provisions Relating to Avoidance of Tax (Sections 92 to 94) 281
                   APPENDIX A-ANSWERS TO PROBLEMS 283
                   APPENDIX B-REVISION QUESTIONS 288
                   BIBLIOGRAPHY 282
                   ERRATA 299
                   SUBJECT INDEX 301
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